Corporate Credit Rating 2023 for BETTER SILVER SPA: A3- (First Issuance)

Press release 29 June 2023

Solicited Corporate Credit Rating for BETTER SILVER SPA: A3- (First Issuance)

modefinance published the Solicited Corporate Credit Rating of BETTER SILVER SPA on the CRA website and the rating assigned to the entity is A3-(first issuance). The analysis revealed that the Company's capacity to meet its financial obligation is strong

BETTER SILVER S.P.A. is a company operating in the design, production and marketing of silver jewelry. Founded in 1977 by the Bettinardi brothers, it is still led today by the second generation of the same family, whose efforts over the years have made it an important player in the industry

Key Rating Assumptions

The Company’s economic and financial situation is characterized by a strong capitalization thanks to the owner’s strategy of historically reinvesting profits to protect equity. This is complemented by a sound financial balance and consistent profitability. Despite the contraction in liquidity, the cash flows are balanced, with operations alone able to finance investments and ensure the repayment of financial liabilities. Furthermore, the contribution of the working capital appears substantial. 

The management of credit lines appears correct, with prompt payments and no episodes of overruns. 

The governance and control system is appreciable, with administrative and internal control bodies having collegial form. The certification of financial statements is entrusted to an auditing firm. The group structure appears streamlined and clear in roles. The long-standing background contributes positively to the Company’s know-how, which also boasts a global market presence, as 95% of its turnover is generated in foreign markets. The distinctive trait of the ownership is the constant search for efficiency in production capacity, along with careful investments in innovation and sustainability. 

Compared to the competitors, the Company presents an adequate positioning in all the areas analyzed. The peer group shows a marked and constant reduction in debt levels, accompanied by a contraction in sector ROE, which is still broadly adequate values. Overall, the sector’s financial balance appears solid

Sensitivity Analysis

In the following table, the addressing factors, actions or events that could lead to an upgrade or a downgrade are summarized: 


The present Corporate Credit rating is issued by modefinance under EU Regulation 1060/2009 and following amendments.

The present rating is solicited and is based on both private and public information. The rated entity and/or related third parties have provided all private information used. modefinance had access to some accounts and other relevant internal documents of the rated entity and/or related third parties. Solicited and unsolicited ratings issued by modefinance are of comparable quality, as the solicitation status has no effect on methodologies used. More comprehensive information on modefinance Corporate Credit Ratings are available at

The present Corporate Credit Rating is issued on MORE Methodology 2.0 and Rating Methodology 1.0. A comprehensive description of both methodologies, as well as information on modefinance Rating Scale and Mappings, is available at

For information on historical default rates of modefinance Corporate Credit Ratings please refer to ESMA Central Repository and ESMA European Rating Platform.

modefinance refers to default as a company under bankruptcy, or under liquidation status, or under administration or for which missed payments on a financial obligation are officially recorded.

The quality of the information available on the rated entity and used to determine the present rating was judged by modefinance as satisfactory. Please note that modefinance does not perform any audit activity and is not in a position to guarantee the accuracy of any information used and/or reported in the present document. As such, modefinance can accept no liability whatsoever for actions taken based on any information that may subsequently prove to be incorrect.

The present credit rating was notified to the rated entity in order to identify potential factual errors, as prescribed by the CRA Regulation.

No amendments were applied after the notification process.

The rated entity is  a buyer of ancillary services provided by modefinance (preliminary rating). modefinance ensures that such situation does not imply a conflict of interest in the issuance of the present credit rating.

The rating action issued by modefinance was performed independently. The analysts, members of the rating team involved in the process, modefinance Srl and its members and shareholders do not have any conflicts of interest in relation to the Rated Entity and/or Related Third Parties. If in the future a potential conflict of interest is identified in relation to the persons reported above, modefinance Ratings will provide the appropriate information and if necessary the rating will be withdrawn.

The present Credit Rating is an opinion of the general creditworthiness that modefinance issues on the rated entity, and should be relied upon to a limited degree. The issued rating is subject to an ongoing monitoring until withdrawal.


Head Analyst - Christian Raimondo, Rating Analyst

Responsible for Rating Approval - Pinar Dilek, Rating Process Manager